HSN Code 71141120: Silver Parts of Goldsmiths or Silversmiths Wares

HSN Code 71141120 represents Silver Parts of Goldsmiths or Silversmiths Wares under GST classification. This code helps businesses identify Silver Parts of Goldsmiths or Silversmiths Wares correctly for billing, taxation, and trade. With HSN Code 71141120, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Silver Parts of Goldsmiths or Silversmiths Wares.

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Description of Goods for HSN Code 71141120

HSN Code 71141120 relates to the following description.

Description of Goods

Of precious metal, whether or not plated or clad with precious metal : Of silver, whether or not plated or clad with precious metal : Parts

Chapter

71 - Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin

Sub Chapter

7114 - Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal

CGST

1.5%

SGST

1.5%

IGST

3%

CESS

0%

What does HSN Code 71141120 not include?

Silver Parts of Goldsmiths or Silversmiths Wares does not include products with the following descriptions.

HSN Code 71141110

Of precious metal, whether or not plated or clad with precious metal : Of silver, whether or not plated or clad with precious metal : Articles

HSN Code 71141910

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Articles of gold

HSN Code 71141920

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Articles of platinum

HSN Code 71141930

Of precious metal, whether or not plated or clad with precious metal : Of other precious metal, whether or not plated or clad with precious metal : Parts

India’s Trade Performance — HSN Code 71141120 in FY 2024-25

TradeStat EIDB — Ministry of Commerce & Industry FY 2018-19–FY 2024-25 Values in ₹ Crore

India’s Exports

FY 2024-25

< ₹1 Crore

−91.67% vs FY 2023-24

0.0000% of India’s total exports

India’s Imports

FY 2024-25

₹3 Cr

+73.30% vs FY 2023-24

0.0001% of India’s total imports

Trade Balance

FY 2024-25

−₹3 Cr

Trade Deficit

Surplus rank #8402 of 12657 HSN codes

% of Sub-Chapter 7114

FY 2024-25

0.03%

Share of Sub-Chapter 7114’s total exports in FY 2024-25

Import side: 4.00% of Sub-Chapter 7114’s imports

Rank Within Sub-Chapter 7114

FY 2024-25

#5 of 8

Position by export value among HSN codes in Sub-Chapter 7114

Import-side rank: #5 of 8

At a glance

−32.69%

Export CAGR

FY 2018-19 → FY 2024-25 · 7 fiscal years

#10112

National Export Rank

of 12657 HSN codes by export value, FY 2024-25

+4,500.00%

Peak Growth Year

FY 2020-21 · strongest single-year move

0.03%

Contribution to Sub-Ch. 7114

Share of Sub-Chapter 7114 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Code 71141120

7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.

FY 2018-19 Exp. Rank #8296

Balance

−1.62

Exports

< ₹1 Crore ₹ Cr

0.0000% share

— YoY

0.19% of Sub-Ch. 7114

Imports

2.05 ₹ Cr

0.0001% share

— YoY

1.42% of Sub-Ch. 7114

FY 2019-20 Exp. Rank #9870

Balance

−1.78

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−97.67% YoY

0.01% of Sub-Ch. 7114

Imports

1.79 ₹ Cr

0.0001% share

−12.68% YoY

2.34% of Sub-Ch. 7114

FY 2020-21 Exp. Rank #8300

Balance

−2.26

Exports

< ₹1 Crore ₹ Cr

0.0000% share

+4,500.00% YoY

0.62% of Sub-Ch. 7114

Imports

2.72 ₹ Cr

0.0001% share

+51.96% YoY

15.33% of Sub-Ch. 7114

FY 2021-22 Exp. Rank #7946

Balance

−0.72

Exports

1.03 ₹ Cr

0.0000% share

+123.91% YoY

0.79% of Sub-Ch. 7114

Imports

1.75 ₹ Cr

0.0000% share

−35.66% YoY

6.92% of Sub-Ch. 7114

FY 2022-23 Exp. Rank #8363

Balance

−1.94

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−28.16% YoY

0.47% of Sub-Ch. 7114

Imports

2.68 ₹ Cr

0.0000% share

+53.14% YoY

0.52% of Sub-Ch. 7114

FY 2023-24 Exp. Rank #8827

Balance

−1.43

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−35.14% YoY

0.26% of Sub-Ch. 7114

Imports

1.91 ₹ Cr

0.0000% share

−28.73% YoY

4.62% of Sub-Ch. 7114

FY 2024-25 Exp. Rank #10112

Balance

−3.27

Exports

< ₹1 Crore ₹ Cr

0.0000% share

−91.67% YoY

0.03% of Sub-Ch. 7114

Imports

3.31 ₹ Cr

0.0001% share

+73.30% YoY

4.00% of Sub-Ch. 7114

CAGR · 7-Year

Exports

−32.69% /yr

Imports

8.31% /yr

Consistently Deficit
Sub-Chapter 7114 total

reference, FY 2024-25

Export

₹157.79 Cr

Import

₹82.78 Cr

Trade Balance

+75.01

Peak export growth year Latest available data Not available YoY = change vs previous FY

Key Trade Insights: HSN Code 71141120 Export-Import Analysis

Export Decline: −32.69% CAGR Over 7 Years

India's exports under HSN Code 71141120 have declined at a compound annual rate of −32.69% over 7 fiscal years, falling from ₹0.43 Crore in FY 2018-19 to ₹0.04 Crore in FY 2024-25.

HSN Code 71141120 Ranked #10112 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 71141120 ranks #10112 out of 12657 HSN codes by total export value. Within Sub-Chapter 7114, it ranks #5 of 8. By trade surplus, it ranks #8402 of 12657.

FY 2020-21 Was the Strongest Growth Year for HSN Code 71141120 Exports

The strongest single-year export movement for HSN Code 71141120 was recorded in FY 2020-21, when exports surged by 4,500.00% over the prior year.

India Records a Trade Deficit of ₹3.27 Crore in HSN Code 71141120 Goods

In FY 2024-25, India's imports of ₹3.31 Cr exceeded exports of ₹0.04 Cr, resulting in a trade deficit of ₹3.27 Crore — ranking #8402 of 12657 by surplus magnitude.

Import Growth of 8.31% CAGR Signals Stable Import Dependency for Silver Parts of Goldsmiths or Silversmiths Wares

India's imports under HSN Code 71141120 have grown at 8.31% CAGR, reaching ₹3.31 Crore in FY 2024-25.

HSN Code 71141120 Contributes 0.03% of Sub-Chapter 7114 Exports — Ranked #5

Among the 8 HSN codes under Sub-Chapter 7114, HSN Code 71141120 ranks #5 by export value — accounting for 0.03% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 4.00% share (rank #5).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 71141120 and GST compliance.

What products are classified under HSN 71141120 ?

It includes Parts of Precious Metal Articles

How much GST applies to Silver Parts of Goldsmiths or Silversmiths Wares?

Under HSN 71141120, Silver Parts of Goldsmiths or Silversmiths Wares attracts Varies when sold in taxable form. Describe the exact form on the invoice.

Can we claim ITC on inputs used to trade Silver Parts of Goldsmiths or Silversmiths Wares?

If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42.

Do e‑way bill and e‑invoice apply for Silver Parts of Goldsmiths or Silversmiths Wares?

e‑Way bill is needed above ₹50,000 consignment value (subject to exemptions). e‑Invoicing is turnover‑based (presently AATO > ₹5 crore) for B2B supplies.

Any common misclassification issue with Silver Parts of Goldsmiths or Silversmiths Wares?

Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection.

Does packaging or labelling change the GST for Silver Parts of Goldsmiths or Silversmiths Wares?

For food/agri items, GST can be 5% when not fresh/chilled and sold as pre‑packaged & labelled; otherwise often Nil. For non‑food items, rates depend on the specific sub‑heading.

Important Disclaimer

The above does not constitute professional advice or a formal recommendation. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.